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The Pune bench of Income Tax Appellate Tribunal (ITAT) would rule that the waiver of loan would not be a business income and hence the same does not get taxed under section 28(i) of the Income Tax Act 1961. Section 28(i) Income Tax Act, of 1961 is concerned with the profit and gains of any […]
As the end of the financial year approaches, it is essential for businesses to ensure that they are complying with their Goods and Services Tax (GST) obligations. The GST system can be complex, with various rules and regulations that need to be followed, which is why having a checklist can be incredibly helpful. In this […]
There is no tax levied in India on the receipt by Adobe from the supply of software and automated services, the New Delhi bench of the Income Tax Appellate Tribunal (ITAT) has stated. Adobe Systems Software Ireland Ltd., the taxpayer has contested the final assessment orders issued under section 143(3) read with section 144C(13) of […]
The Rajkot bench of the Income Tax Appellate Tribunal has ruled that, under Section 80P, the income tax deduction cannot be refused due to failure to file an Income-tax return by the deadline. The assessee is duly registered with a co-operative society under the Gujarat Co-operative Societies Act. The assessee’s primary source of revenue comes […]
The seamless flow of (ITC) is the foundation of a robust Value-Added Tax (VAT) architecture. Let’s suppose goods or services are purchased via company A whether a manufacturer, service provider, or trader, for the purpose of their business, vendors who imposed VAT would be available as a set-off to Company A for the adjustment against […]
Among the middle class, one of the proposals which have made the Union budget 2023 very prevalent is that the individuals and Hindu undivided families (HUFs) opted for the new regime in the Financial year 2023-24 and onwards including securing the yearly gross total income (GTI) with the limit of Rs 7 lakh does not […]
There are various queries that might be in the minds of various assessee for the subject of ITR filing particularly the new taxpayers as the season of ITR filing would be about to initiate. Here the question emerges is what the term TAN or Tax deduction and collection account number stands for and what would […]
The Income Tax Appellate Tribunal’s Delhi Bench has told businesses that if they want to avail themselves of the income tax deduction benefits, they have to deposit employees’ EPF and ESI on time. The Supreme Court’s decision was upheld by a two-member bench of Narendra Kumar Choudhary, a judicial member, and Anil Chaturvedi, an accountant […]
The GST department will start examining the Income tax returns furnished through the business and professionals, indeed MCA filing to find out if the entities are enough to release their GST liability and broaden the base of the assessee. At present, there would be 1.38 cr enrolled businesses and professionals beneath the GST that was […]
